China’s factory rates are facing severe slowdowns with decreased production rates. Industries are experiencing the lowest economic growth in almost 30 years!
With the slowing global and domestic demand of Chinese goods, and the Sino-US trade war currently on, China is going through a really bad phase. ( See article- US-China war, Honk Kong Protests). Along with this, younger markets such as India are stealing major brands that are now starting manufacturing in India.
Factories are laying off dozens of workers by the minute as industrial uncertainties grow. While there seemed to be a hope for recovery for large industries in September, both small and medium-sized firms have been in severe depression. Not just the production and manufacturing, but also the service sector has experienced a lot of reduction.
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